The administration of President Bola Ahmed Tinubu has once again called on Nigerians to endure the ongoing economic difficulties, arguing that sacrifices are necessary for the country’s long-term progress. However, this plea has been met with public outrage following revelations that the government spent a staggering ₦7 billion on foreign trips within just one year.
The Special Adviser to the President on Economic Affairs, Tope Fasua, made this assertion while speaking on AIT’s State of the Economy program. During the interview, Fasua emphasized that economic recovery requires patience and a sustained commitment to policies that prioritize local production.
“For a country like Nigeria to actually get to where it wants to get to, there is a bit of pain that you have to endure,” he said.
He further stressed that Nigeria must focus on local production, drawing parallels with the petroleum sector. According to him, building a refinery is a complex and time-consuming process that requires unwavering dedication.
“It is never going to be easy. To put a refinery on the ground is not an easy affair. It takes a lot of concentration. And also, one of the biggest challenges you have as a country is how to concentrate on a policy in the medium to long term,” Fasua explained.
He also criticized Nigeria’s tendency to abandon policies prematurely, stating that for any meaningful economic progress, the government must commit to policies for at least five to fifteen years.
On the issue of the naira’s exchange rate, Fasua suggested that if the country could stabilize the currency at around ₦1,300 to ₦1,400 per US dollar for the next three to five years, global investors would begin to take Nigeria’s economic strategy more seriously.
Public Outrage Over Government’s Excessive Travel Expenses
Despite the government’s appeal for patience, Nigerians have expressed anger and frustration over the extravagant spending habits of the Tinubu administration, particularly on foreign trips.
Since assuming office on May 29, 2023, President Tinubu, Vice President Kashim Shettima, First Lady Oluremi Tinubu, and several ministers have embarked on multiple international trips, collectively costing the national treasury billions of naira.
Many critics argue that these trips have produced little to no tangible benefits for Nigeria, yet they continue to drain public funds at a time when citizens are struggling with rising inflation, unemployment, and the high cost of living.
One of the most controversial instances was Nigeria’s participation in the COP29 Climate Conference held in Baku, Azerbaijan, in November 2024. Nigeria had the largest delegation at the event, with over 1,000 participants, sparking widespread criticism over the necessity of such an oversized entourage.
Although some individuals claimed to be self-sponsored, reports indicated that the official government delegation included people with no clear role at the conference, further raising concerns about wasteful spending and lack of accountability.
